Looser underwriting rules—especially on income requirements—have enabled more people to qualify for jumbo loans
By Robyn A. Friedman | The Wall Street Journal
Even as sales of luxury homes slow in some markets, jumbo lending has picked up. That’s because looser underwriting rules—especially income requirements—have enabled more people to qualify for credit.
Milford, Conn.-based Total Mortgage Services saw jumbo-loan originations increase from 19 in January to 54 in August this year. Another change: The January borrowers had an average monthly income of $25,059, compared with $18,567 in August.
